S&P 500 Price Forecast – Stock markets stall on Monday

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Updated: Apr 22, 2019, 17:43 UTC

With very light volume, stock markets were quiet on Monday. It was Easter Monday, so perhaps the fact that Europe was closed may have affected the market, or perhaps it was just plenty of Americans hadn’t gone back to work. Beyond that, there are a slew of earnings announcement coming so it makes sense that the market isn’t quite ready to take off.

The S&P 500 went sideways yet again on Monday as we continue to see almost no action in the market. The 2900 level has been offering support, but at the same time the 2910 level has been offering resistance. The market can’t sit here forever though, and the next impulsive candle will probably bring in quite a bit of money. We are most certainly in an uptrend but there’s a lot of resistance between here and the 2940 level, so don’t be surprised at all if that move takes a lot of effort. To the downside I think it makes more sense, but I also believe that there are plenty of buyers down there.

S&P 500 Video 23.04.19

I see support at the 2980 handle, the 2950 handle, and then the 2790 level. I’d be a buyer of any dip to that area, as it would probably be impulsive and short-lived at best. To the upside, if we were to break above the 2940 level then I think we hand the keys back over to the longer-term trend and start reaching towards higher levels such as the 3000 level. That’s an area that has a lot of psychological importance built into it, so don’t be surprised at all if it starts an entirely new difficult and choppy fight. One thing is for sure, you need to wait for the market to make its move before following.

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About the Author

Christopher Lewisauthor

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.